Annual report 2014: A good, solid year


Schouw & Co. released Friday the Annual Report for 2014. Revenue was DKK 11.8 billion and operating profit (EBIT) was DKK 708 million.

The Schouw & Co. Group had a good year in 2014. The Group's companies improved overall revenue slightly from DKK 11,645 million in 2013 to DKK 11,784 million in 2014. The revenue performance was strongly affected by lower raw materials prices, especially in BioMar, which reported lower revenue despite an increase in overall business activity. The other consolidated businesses all reported revenue improvements.

EBIT for the year rose to DKK 708 million in 2014 from DKK 685 million in 2013, which figure in Q4 included a DKK 54 million profit from the sale of a property. The 12% operational EBIT improvement was driven mainly by BioMar and Fibertex Nonwovens, but Hydra-Grene and, to a lesser extent, Fibertex Nonwovens also contributed. A drop in provisions for trade receivables in BioMar supported the profit for the year, in part because a specific payment received at the end of January 2015 reduced the estimated provisioning need by DKK 13 million.

Statement by Jens Bjerg Sørensen, President of Schouw & Co.:

“Schouw & Co. had a very good year in 2014. Our portfolio companies performed well throughout the year and in fact better than we had originally expected. We grew our comparable EBIT by 12% relative to 2013, net of the non-recurring gain from the sale of a property in that year. The improvements were broadly based, and all our companies contributed to the positive performance.

Our key focus in 2014 was to continue to help our businesses grow bigger and stronger. We planned and made substantial investments, and we successfully completed two minor acquisitions. Fibertex Nonwovens acquired a company in the United States that will give it an attractive platform for growth in North America, and Fibertex Personal Care took full ownership of a printing business in Germany and can now offer its customers more specialised and value-creating products.

Growth, investment and acquisitions for our existing businesses will continue to be on our agenda in 2015, but this will not be a year without challenges. Several of our markets are extremely competitive, and our companies are constantly experiencing changes in their value chains. However, I am confident that Schouw & Co. will once again achieve satisfactory results in 2015.”

Schouw & Co. will be hosting a teleconference (in Danish) for analysts, the media, etc. on Friday, March 6, at 10.00 CET. Those wishing to attend the teleconference are invited to call tel. +45 32 71 47 68 using pin 87381765#. An accompanying presentation can be downloaded from

Like last year, Schouw & Co. has published a shareholder magazine to accompany the full-length annual report. The annual report contains a full presentation of financial statements and a full management's report, whereas the articles in the shareholder magazine provide supplementary information about our portfolio companies in the interviews with our subsidiary CEOs.

Link to the shareholder magazine

Link to the annual report